ShareChat has raised $255 Mn in a new funding round from Google and Temasek
According to the filing, Temasek and Google will hold 2.64% and 1.07% in the company respectively
The development comes months after ShareChat raised around $60 Mn from Times Internet
Update| 16th June, 9:15 PM
After Inc42 had exclusively reported on Google joining the Captable of Mohalla Tech Private Limited, the parent company of ShareChat, the startup had officially announced about the fund raise. ShareChat has raised $255 Mn from Google, Temasek, Times Internet, among others.
Original Story| 16th June, 12:12 PM
After months of speculation, Mohalla Tech Private Limited, the parent company of ShareChat will be receiving $77.7 Mn or INR 607 Cr from Google and Temasek. This seems to be part of a larger fundraise that ShareChat has been looking to raise at a valuation of over $5 Bn Valuation for quite some time now.
In an extraordinary general meeting, shareholders of ShareChat have agreed to allot 1,501 Series H CCPS to Temasek and Google. As per the regulatory filing, post the allotment of the shares, both Temasek and Google will hold 2.64% and 1.07% in the company respectively.
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With this investment, Google has now joined the captable of ShareChat. It has to be noted that Google is also an investor in VerSe Innovation, the parent company of Dailyhunt and Josh – a social media platform.
The current round of funding also comes months after Mohalla Tech’s social short video platform Moj was merged with Times Internet’s MX Taka Tak. The combined platform is expected to have 100 Mn creators, 300 Mn monthly active users and nearly 250 Bn video views.
MX TakaTak will continue to function as a separate platform for now, but the two platforms’ creator base, content supply and recomendation algorithms will be integrated. As per media reports, the deal was pegged at around $700 Mn.
Later, Times Internet joined the captable of Mohalla Tech after the former invested $60.5 Mn in the social media giant. Back then, sources informed Inc42 the capital infusion by Times Internet is not related to the merger, but Times Internet was ‘bullish’ on the short video platforms.
Last year, ShareChat had raised three big investments within a gap of a few months. The startup first raised its Series E round worth $502 Mn in April led by US-hedge fund Tiger Global along with Lightspeed Ventures, which helped it become the first indegenious social media platform to enter the unicorn club. The startup in July bagged $145 Mn in its Series F round led by Temasek, Moore Strategic Ventures, and Mirae-Naver Asia Growth Fund. In December, 2021, ShareChat went on to raised $266 Mn in its Series G round led by Alkeon Capital, Temasek, and Moore Strategic Ventures, among others at $3.7 Bn valuation.
Founded by Ankush Sachdeva, Farid Ahsan, and Bhanu Pratap Singh in 2015, ShareChat claims to have over 400 Mn monthly average users. The Bengaluru-based startup has over 2,000 employees and counts marquee investors such as Tiger Global, LightSpeed, Twitter, Pawan Munjal, among others.